Annual Report: 2021
NOTICE is hereby given for the 59th Annual General Meeting ("AGM") of the Members of Hicks Thermometers India Limited on Tuesday, November 30, 2021, at 11:00 A.M. at A-12 & 13, Industrial Estate, Aligarh, Uttar Pradesh - 202001.
Ordinary Businesses: The AGM will consider and adopt the audited financial statements of the Company for the financial year ended on March 31, 2021, including the Balance Sheet, Profit & Loss Account, and reports of the Board of Directors and Auditors. Mrs. Ranjana Bansal, who retires by rotation, is eligible and offers herself for re-appointment as a Director.
Special Business: The meeting will also address increasing the remuneration of Mr. Hari Prakash Gupta (DIN: 00173929), Managing Director. A special resolution is proposed to approve revised remuneration for Mr. Gupta, effective April 1, 2021, for the remainder of his tenure. This includes a basic salary of INR 17,00,000 per month, a commission of 1% of net profit (subject to a ceiling of 50% of annual salary), and perquisites. The perquisites are categorized as follows:
The Managing Director is entitled to reimbursement of expenses incurred in promoting the company's business, up to INR 10,000 per annum. In the event of loss or inadequate profit, remuneration payable will be the maximum permissible under Section- II of Part-II of Schedule V to the Act.
The AGM will also address approval of increase in remuneration of Joint Managing Director, Mr. Siddharth Gupta [DIN:00174038], also with similar conditions including remuneration as mentioned below. This also include a basic salary of INR 17,00,000 per month, a commission of 1% of net profit (subject to a ceiling of 50% of annual salary), and perquisites.
RESOLVED FURTHER THAT Mr. Hari Prakash Gupta, Managing Director and Mr. Siddharth Gupta Joint Managing Director of the company be and are hereby authorized, severally and/or jointly, to file the required e-forms with the Registrar of Companies and to do all such acts, deeds, and things as may be necessary and/or incidental thereto."
Any member entitled to attend and vote may appoint a proxy. The instrument appointing a proxy should be deposited at the registered office not less than 48 hours before the meeting's commencement. Corporate members intending to send representatives should provide a certified copy of the Board Resolution and specimen signature.
Explanatory Statement (Item No. 3 & 4): The increase in remuneration for Mr. Hari Prakash Gupta and Mr. Siddharth Gupta is justified given their increased contributions, experience, and industry benchmarks. Hicks Thermometers is engaged in the wholesale business of scientific, medical, and surgical machinery and equipment, which commenced in 1961. The financial performance indicators for the current and previous years are presented. The financial performance based on given indicators:
Reasons for loss/inadequate profits are cited as the overall global/Indian economic slowdown. Steps are being taken to improve productivity and reduce costs. Mr. H. P. Gupta (Managing Director) and Mr. Siddharth Gupta (Joint Managing Director) details are provided, including background, past remuneration (Basic Salary from 01.04.2020 to 31.03.2021: 12,00,000/-), job profile, and pecuniary relationships.
Mrs. Ranjana Bansal, Director, will retire by rotation and, being eligible, offers herself for re-appointment. Details of her background, terms, and conditions, relationships with other director, KMP are summarized.
Directors' Report Highlights: In financial year 2020-21, the Company recorded revenue from operations of Rs. 68,71,09,612.22 and Profit Before Tax of Rs. 7,36,61,850.00 and Net Profit of Rs. 5,49,05,426.20 as against that of Rs. 58,34,28,494.41, Rs. 4,25,62,836.40 and Rs. 3,21,89,483.40 respectively in the previous financial year 2019-20. The company will not transfer any amount to the general reserve and will not declare any dividend for the period under review.
The company has a policy for directors' appointment and remuneration. The board carries out annual evaluations of its own performance and its committees and directors. The key managerial personnel are listed as Shri Hari Prakash Gupta, Shri Siddhartha Gupta, Shri Jai Narayan Tiwari, and Smt. Sumati Tandon. Material Changes and Commitments: There have been no material changes or commitments that have affected the financial position of the company, the company has been delisted from the Calcutta Stock Exchange, and adheres to the a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace. Internal Financial Controls are considered adequate. The financial statement shows total assets for FY 2021 were 33,23,55,361.78 against 25,68,68,075.97 in FY 2020.
The Board appointed Adesh Tandon and Associates, Company Secretaries, to conduct Secretarial Audit for the FY 2020-21. All Directors state the statements in the annual report are correct to the best of their knowledge. M/s Deepak Yashpal and Co., Chartered Accountants, Aligarh were appointed as the Statutory Auditors of your Company, in the AGM held on 30.09.2017. The report includes a report from the independent auditor. Also attached is a proxy form for shareholders unable to attend the AGM.
Access essential information and documents to make informed investment decisions
Stay updated with upcoming events, conferences, and announcements
Access quarterly and half-yearly financial statements and reports
Download comprehensive annual reports and financial summaries
Access investor presentations, corporate briefings, and slideshows
Our blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.
Unlisted shares are stocks of companies that are not listed on any stock exchange, meaning they are not publicly traded. These shares are typically available for trade in the private market through brokers, and can offer unique investment opportunities.
You can buy unlisted shares through a broker or platform that specializes in unlisted share transactions. We provide a secure and easy way to purchase unlisted shares from top companies, ensuring a smooth transaction process.
The share prices of unlisted companies can fluctuate based on various factors like market demand, company performance, and private transactions. You can check the latest share prices for unlisted companies on our website for real-time updates.
Unlisted shares can offer higher growth potential, as they are typically not subject to the same market volatility as listed shares. However, they come with higher risk due to limited liquidity and availability of information. It's important to research thoroughly and consult experts before investing.
To sell unlisted shares, you can connect with a broker or platform that facilitates the sale of private stocks. We help investors buy and sell unlisted shares with ease, ensuring that your transaction is handled professionally and securely.
Yes, unlisted shares can eventually be listed on a stock exchange through an Initial Public Offering (IPO). This process allows the company to offer its shares publicly and be traded on major exchanges, potentially increasing liquidity and visibility.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
The value of unlisted shares is typically determined by private transactions, financial reports, and market demand. We provide the latest updates on share prices of unlisted companies, giving you the most accurate valuation available.
The minimum investment for unlisted shares can vary depending on the company and broker. Generally, the minimum investment is higher than for listed stocks, but we provide detailed information to help you make the best investment decisions.
Yes, unlisted shares may pay dividends if the company has declared them. However, since these companies may be in their growth stage, dividend payments are not always guaranteed. It's important to check the company's financial health before investing.
It's important to conduct thorough research on the company's financials, management, market potential, and overall business model. You can also seek professional advice from experts to help you choose unlisted shares with strong growth prospects.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
